SoftBank investing $525m in India's Paytm E-Commerce
Apr 04, 2018, 01:53
Online e-commerce marketplace Paytm Mall, operated by Delhi-based Paytm E-commerce Private Limited, is set to raise Rs 2892.5 crore (around $446 million) from Japanese Internet conglomerate SoftBank and existing investor Chinese e-commerce behemoth Alibaba, filings with the Registrar of Companies show.
While Paytm Mall has not officially put out a statement on the same, it confirmed the development.
It further quoted Amit Sinha, Chief Operating Officer of Paytm Mall, as saying that the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics, among other things.
SoftBank (OTCPK:SFTBF, OTCPK:SFTBY) will invest $400M in Indian e-commerce company Paytm Mall in a funding round that pushes the valuation to roughly $1.9B. The first tranche of Rs. 357.5 crores has already made its way to Paytm Mall. In 2017, SoftBank had invested $1.4 billion in Paytm.
After investing in Indian e-commerce majors Flipkart and Snapdeal, Japanese tech. The startup also boosts good numbers and tractions, with the company claiming that its GMV (gross merchandising value) has touched the run rate of $3 billion.
The investment will also give SoftBank a deep presence in the Indian e-commerce sector. It focuses on an online-to-offline model where it partners with stores to drive sales.
The company now works with offline stores in partnership with brands such as Samsung, LG, Lenovo, Intel, Red Tape, Canon, HP, Godrej, Hitachi, Bluestar, Whirlpool, Bosch, IFB and Intex among others. Previously, this third position was loosely held by Snapdeal but its downfall past year certainly seems to have paved the way for Paytm Mall's rise.
Online marketplace Paytm E-Commerce Pvt.
Paytm Mall's increasing popularity has also given the firm a default third position and consequently making the e-commerce market a three horse race competition.
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